ISLAMABAD (Kashmir English): After the increase in the gold prices in the global market, gold in Pakistan also reached the highest level in the country’s history.
On Monday, the price of gold per tola in the domestic bullion market increased by Rs 5,500, after which the new price was set at Rs 428,200. This is the highest price in the country’s history so far.
According to the All Pakistan Gems and Jewelers Bullion Association, 10 grams of gold was sold for Rs 367,112 after an increase of Rs 4,715. On Saturday, the price of gold per tola also increased by Rs 2,100, after which it reached Rs 422,700.
Gold prices also reached a new high in the global market on Monday. According to the association, gold in the global market rose by $ 55 to $ 4,071 per ounce (with a $ 20 premium).
Silver prices also hit a new all-time high, rising by Rs 147 per tola to Rs 5,247.
The global gold price rally was driven by expectations of a rate cut by the US Federal Reserve and rising US-China trade tensions. Spot gold is currently trading up 0.7% at $4,44.29 per ounce, after hitting a high of $4,59.30 earlier in the day.
On the other hand, US gold (futures contract for December) rose 1.6% to $4,62.50 per ounce. According to experts, the trend of investors seeking safe havens internationally has pushed the prices of both gold and silver to new highs.
